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Pattaya Daily News

10 September 2010 :: 10:09:30 am 37936

Rising Baht set to Reach Strongest Level in 13-years

The continuing rise of the Thai baht on the back of record growth and foreign capital inflows is rapidly pushing the Asian currency to its highest point in over 13-years, according to Central Bank analysts.
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Thailand, the 10th of September 2010: As predictions continue to emerge of both unsurpassed growth and appreciation of the baht, Thailand’s Central Bank are maintaining their ‘no intervention’ policy despite the perceived damage it may cause on the nations dominant export industry in the region.

Largely attributed to the continued appreciation of the Thai currency, overseas investors have reportedly purchased US$273 million more in Thai shares than were sold in September alone, according to exchange data. These foreign capital inflows have now boosted the baht as the most-actively traded currency in Asia over the past month.

“Regional currencies are rising because of fund inflows, and we see inflows into Thailand as well. Asia’s economic outlook is better than in other places like Europe and the U.S. The bahts appreciation will continue,” said Disawat Tiaowvanich, a foreign-exchange trader at Bangkok Bank Pcl, the nation’s biggest lender.

The baht has gained an impressive 2.8% over the past month, touching 31.06 to the US dollar on the 6th of September, the strongest level since August 1997. Analysts predict, providing Thailand’s Central Bank does not intervene, that the baht will reach an even 31 to the dollar by the end of the month.

As for economic growth in the Kingdom, an August report released by the government saw the economy expand by over 9% in the second quarter after a 12% gain in the first. The Bank of Thailand has since raised its benchmark by 25 basis points to 1.75%. One basis point is 0.01%.

Meanwhile, Thai premier Abhisit Vejjajiva on Wednesday stipulated that the baht was not moving against predictions and that both the Bank of Thailand (BoT) and Central Bank are monitoring the situation carefully.

Asked about the damage an appreciating baht will cause to entrepreneurs and the countries competitiveness in terms of exports, the premier maintained that analysis on the bahts movement against other regional currencies was being conducted.

Reporter : John Weston   Photo : Internet   Category : Business News

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